QUÉBEC CITY, May 25, 2016 /CNW Telbec/ - The Minister of Sustainable Development, Environment and the Fight against Climate Change, David Heurtel, today made public the results of the May 18, 2016 auction of greenhouse gas (GHG) emission allowances that was held jointly with California. This was the seventh joint auction held since the Québec and California markets were linked on January 1, 2014.

In all, 7,260,000 emission units for 2016 were sold at a unit price of $16.40 CAD ($12.73 USD) and 940,000 emission units for 2019 were sold at a price of $16.40 CAD ($12.73 USD). The auction generated gross income in the order of 19.5 million Canadian dollars for Québec. Total auction income to date has reached more than 1.2 billion dollars in Québec.

"The carbon market is the centerpiece of Québec's strategy for fighting climate change. In addition to ensuring GHG emission reductions, it is a green fiscal tool that bolsters the re-launching and sustainable development of our economy. By 2020, more than 3.3 billion dollars will have been invested to support Québec's businesses, municipalities and private citizens in their transition to a low-carbon world. Together, we can fight climate change in order to ensure a better quality of life for our children. Let's do it for them!" Minister Heurtel stated.

Québec is aiming to reduce its GHG emissions by 20% below 1990 levels for 2020, by 37.5% for 2030, and also adhered to the UNDER 2 MOU framework, aiming at a reduction between 80% and 95% by 2050. This pathway follows the recommendations for industrialized counties made by the Intergovernmental Panel on Climate Change (IPCC).